Chance Or Risk?

Some see chance and risk as the same thing. However, there can be differences between them. Both chance and risk involve uncertainty and possibility. In the business world today, risk is often calculable, whereas chance is less so. There are concrete and in-depth ways to measure risk before deciding on a course of action. With chance, you measure based on assumptions, with a bit less calculation and certainty.

You can use these concepts of chance and risk to take a look at how you make decisions. When uncertainty exists or all the information you need is not available, do you think things out, consider all factors and calculate risk or do you make assumptions and generally calculate the chances of various outcomes?

The next time you have a decision to make, without certainty of the outcome, will you leave your decision to chance or calculate the risks involved and choose the best course available?